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Kalobios Pharmaceuticals, Inc. Appoints Martin Shkreli Ceo And Announces New Financing

The following excerpt is from the company's SEC filing.

Martin Shkreli, David Moradi, Tony Chase and Marek Biestek to join the Board of Directors

SOUTH SAN FRANCISCO, Calif., Nov. 19, 2015 /PRNewswire/ KaloBios Pharmaceuticals, Inc. (Nasdaq: KBIO), today announced that an investor group led by Martin Shkreli, the Founder and Chief Executive Officer of Turing Pharmaceuticals AG, has acquired 70% of its outstanding shares. KaloBios also announced the appointment of Martin Shkreli to the position of Chief Executive Officer and his election as Chairman of the Board. In his new role, Mr. Shkreli will work with the companys senior management team to ensure the Comp anys continued operations. KaloBios further announced that David Moradi,Tony Chase and Marek Biestek have been elected to the Board of Directors. In connection with these developments, the former directors have resigned, effective immediately.

KaloBios has received a commitment from Mr. Shkreli and other investors for an equity investment of at least $3.0 million. In addition, Mr. Shkreli and the group of investors have committed to a $10 million equity financing facility, subject to applicable shareholder approval.

Martin Shkreli, Chief Executive Officer, said, We believe that the KaloBios lenzilumab is a very promising candidate for the treatment of various rare and orphan diseases. This monoclonal antibody neutralizes soluble granulocyte-macrophage colony stimulating factor (GM-CSF), a central actor in leukocyte differentiation, autoimmunity and inflammation. Lenzilumab has particular promise in Chronic Myelomonocytic Leukemia (CMML), a disease with no FDA-approved treatment options and a 3-year overall survival rate of 20%.

An IND for a Phase I/II CMML monotherapy study of lenzilumab has been cleared by the Food and Drug Administration(NCT02546284). Preclinical studies have shown lenzilumab can be used to cause...